There are many kinds of debt that a New Jersey resident can fall into, but probably the most forgivable type of debt should be medical debt. Can you blame someone for accruing debt just because he or she wants to live healthy life? Indeed, when you are sick and in need of medical care, there is no question about whether you should choose to go into debt to pay for the treatments you require.
Fortunately, medical debt is not something that you have to live with for the rest of your life. There are a lot of different kinds of debt resolution and bankruptcy strategies, which can be employed to resolve debt that has been accrued as a result of medical bills. Not the least of those solutions is Chapter 7 bankruptcy. Through Chapter 7 bankruptcy, you will be required to liquidate certain possessions and assets in order to pay down existing debt, but any debt covered by the bankruptcy that remains will be wiped out. In so many words, you will be given a clean financial slate upon which to restart your life anew.
There is another fortunate part of the Chapter 7 bankruptcy process that filers should be aware of. Chapter 7 proceedings are not designed to leave you destitute. They are intended to set you up on sound financial feet again. For this reason, you will not be required to sell all of your assets. Especially, you will be able to keep the assets you require for your job and daily life. Depending on your situation, a wide variety of your assets will be exempt from liquidation, and it will be the job of your bankruptcy attorney to ensure that as many of your assets as possible will be exempted from liquidation.
At William H. Oliver Jr. & Associates, we are passionate about helping people climb out of their debt troubles. Furthermore, we are particularly interested in helping people who are suffering from medical debt issues. If you are currently suffering from a debt problem, we are available to listen to the facts of your situation and advise you of your best next steps.